The latest market report published by Credence Research, Inc. “In-Vitro Diagnostics Quality Control Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global in-vitro diagnostics quality control market was valued at US$ 854.0 Mn in 2017 and expected to grow at compound annual growth rate (CAGR) of 3.9% during the forecast period from 2018 to 2026.
The global in-vitro diagnostics quality control market is projected to grow at a steady rate during the forecast period. The major reason for the growth of the market includes growing applications of in-vitro diagnostics and point-of-care diagnostics for various diseases such as chronic diseases, infectious diseases and oncology testing. Quick testing and accurate results have positioned in-vitro diagnostics testing in modern healthcare. In-vitro diagnostics fall under medical devices category and hence Food and Drug Administration (FDA), Medicines and Healthcare Products Regulatory Agency (MHRA) and other regulatory bodies have implemented stringent regulatory process for maintaining the standard quality and safety of the testing systems. This factor is the major growth driver for in-vitro diagnostics quality control market. Increasing number of clinical and diagnostics laboratories worldwide is also influencing the market growth. In terms of application, the market is led by clinical chemistry owing to growing application in chronic diseases, most prominently in cancer treatment and cardiovascular treatment. Immunochemistry also held a prominent share in the market due to urgent requirement for novel drug discovery and increasing physician awareness regarding disease etiology will propel market penetration for immunochemistry segment.
In terms of geography, North America accounted for the maximum share of in-vitro diagnostics quality control market. North America is a domicile to major diagnostic laboratories and service providers. The U.S. FDA and Health Canada have designed stringent quality control policies for IVD to maintain the safety and accuracy of the tests. Growing government funded research and development to cater burden of diseases will further drive the market in the region. Asia Pacific emerged as the fastest growing region owing to growing usage of IVD testing and rising applications in the region. Surge in contract manufacturing and research for drug discovery and clinical chemistry in the region will drive market. Growing healthcare infrastructure and high unmet needs is attributable to growth of the market. Asia Pacific Federation of Clinical Biochemistry and Laboratory Medicine supports the growth of IVD and assures accuracy and safety of the testing systems. The key players currently engaged in In-vitro diagnostics quality control market include Siemens Healthineers, Thermo Fisher Scientific, Inc., Roche Diagnostics, Bio-Rad Laboratories, Inc., Abbott Laboratories, Inc., Seracare Life Sciences, Inc., Sysmex Corporation, Helena Laboratories, Sun Diagnostics, LLC among others.
Key Market Movements:
- Growing burden of chronic disorders, cancer and infectious diseases globally driving the demand for in-vitro diagnostics quality control
- Stringent regulatory policies for maintaining the accuracy and safety of the IVD tests
- Growing diagnostic laboratories across the world will drive the demand for IVD quality control